LoanSafe Member

So this is a long story, but to try and make it shorter I will sum it up p by saying that specialized loan servicing has made a complete mess of my home equity loan. They begin servicing it in September. Prior to that it was being serviced by Bank of America, where it originated.

My loan is a home equity loan versus a HELOC. It was a HELOC when it first opened but I turned the entire thing into a fixed rate in 2015. SLS has complete wrong information regarding my monthly payment amount and my interest-rate. They seem to think I have an adjustable rate. They have supposedly been doing research into my account and they now are at least saying that my payment is Just about what it actually is but it doesn’t say that on their website. On their website and on their automated phone message they saying my payment is actually exactly double what it should be for each month.

Just about what it actually is but it doesn’t say that on their website. On their website and on their automated phone message they say my payment is actually exactly double what it should be for each month. I have called them numerous times over the last several months and spoken to a lot of different people. Tickets to do research into my account has been opened a few times. When the loan was first transferred the information was correct and then a couple months later it was all incorrect.

I am technically behind 2 payments, but they are claiming I am behind 4. That would make perfect sense considering they think my payment is actually double what it should be.

I got laid off due to covid-19 and so inquired about the possibility of pausing my payments. I did this through a secure message on their website. They automatically stuck me into a forbearance plan. The problem is that this new forbearance plan is based on their in accurate assessment of my loan payments and payments.

So now on top of just being concerned about being able to make my payments I am concerned that once this forbearance ends they will try to get this large sum of money that is actually incorrect and that they will somehow get away with it. I really wanted their math all corrected before I applied for forbearance. I thought I was just inquiring about what my options were, but but oh well. And of course the big bummer is that this is not a federally backed loan.

So I have been reading that I can send them a qualified written request to correct the issues with my account. I have read so many bad things about this company and I’m afraid that they will just drag their butts so that they can take my house. My house at this juncture is worth more than both my 1st and 2nd mortgages so they would probably love to foreclose.

I really want to stay in my home.

I originally got behind on my payments after my husband had cancer. He is better now but our finances took a big hit. Prior to coronavirus I was trying to catch up. I am getting unemployment and will be getting a stimulus payment, so I was planning on making an extra payment, even though I’m in the forbearance plan, to try and catch up.

In the meantime, I just want them to correct my account. Any advice on how to get them to do that in a timely manner is much appreciated.

LoanSafe Member

Sorry I wasn’t more clear on that. I knew that the draw period was set to end in 2017 , so in 2015 I simply called the lender and asked if I could lock in a rate at that time. I was told I could and told what my new payment would be and what my interest rate would be for the remainder of the loan. I honestly don’t remember if I received paperwork. I imagine I would have, but I can’t find it. I’ve called the previous servicer and asked if they could send any such document to me. I haven’t received anything, but I also asked to have my statements for 1 year sent to me and they did. My statements are clear in that there is mention of the heloc, which has a balance of $0 with a payment due of $0 and a frlo with the transferred balance and a payment due which is the same amount I’ve been paying monthly since 2015. I plan to include copies of a few of these statements with my letter.

But you would think they have all of my documents from the previous servicer. Plus it’s weird how they had correct information for a while and then incorrect since.

Thankfully yesterday I got someone on the phone at Bank of America who is the old servicer and originator of the loan to dig up the paperwork for when it was made into a fixed rate loan. Hopefully that will do the job!

LoanSafe Member

Thankfully yesterday I got someone on the phone at Bank of America who is the old servicer and originator of the loan to dig up the paperwork for when it was made into a fixed rate loan. Hopefully that will do the job!

If that doesn't work - phone calls often don't - you can send a Qualified Written Request (QWR) under RESPA asking for an account history and associated documents.

12 U.S. Code § 2605 (e)(B)

Qualified written request
For purposes of this subsection, a qualified written request shall be a written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer, that—
(i)includes, or otherwise enables the servicer to identify, the name and account of the borrower; and
(ii)includes a statement of the reasons for the belief of the borrower, to the extent applicable, that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

They have 30 days to respond to your inquiry with a written statement.

LoanSafe Member

Thankfully yesterday I got someone on the phone at Bank of America who is the old servicer and originator of the loan to dig up the paperwork for when it was made into a fixed rate loan. Hopefully that will do the job!

LoanSafe Member

LoanSafe Member

So, I have another question. This is kind of complicated so I want to get it right. I wrote a letter, an error resolution request, and sited how they are charging me the wrong monthly payment and wrong interest rate. I’m including a letter from my previous servicer and originator of the heloc showing that the entire balance was transferred into a frlo in November 2015. The letter shows the correct interest rate and monthly payment.

Here’s where my question comes in. I tell them that because they have been charging me incorrectly. They have miscalculated the total amount due(past due). I didn’t say “past due” in my letter. I’m planning on using my stimulus payment to catch up. I am technically 2 months behind. I owe them 2 months payments plus late fees from my old servicer(somewhere around $1000) and whatever late fees they’ve charged me. So should I include these numbers? I don’t know what late fees they have charged because they only have 2 statements for me online. I’ve been with them since September. Should I put down what I think I owe or leave that out for now? Part of me feels like I should just have them correct my interest rate and monthly payment amount and see if they automatically correct the past due. Part of me thinks I should tell them what I think I owe. I know that technically I shouldn’t leave anything vague. I just want them to fix this and I’m kind of afraid that if there’s too many details they’ll screw It all up.

There’s also the matter of them putting my account on a forbearance plan and miscalculating the amount I’ll owe at the end of the forbearance. This is why the title of this thread is SLS s*** show! What do y’all think I should do? Thanks.

LoanSafe Member

Hi, so, I’m hoping someone can advise me. I sent the notice of error resolution request and SLS sent me a letter saying my account is under maintenance. They said my next payment due is $980.28, which is correct. Thankfully they got that right, but they didn’t address any of the other issues- the interest rate and the fact that they are saying I owe way more than I do. At this point I think i’m almost caught up. I just haven’t made a payment for May.

I don’t know why this “maintenance” is taking so long. It’s been going on for months.

Now I’m wondering if I should just file a complaint with the CFPB or just send in proof of all the payments I’ve made? Thanks.